Capital B, a French-listed Bitcoin treasury company, executed a capital raise of 1.1 million euros, equivalent to $1.28 million, through a warrant issuance subscribed by Blockstream CEO Adam Back. The transaction, announced on Monday, extends the cryptographer's strategic backing of the firm. Back subscribed to 10 million subscription warrants at a price of 0.11 euros ($0.13) each. Each warrant grants the right to purchase one new share of future company stock at an exercise price of 0.84 euros ($0.98). This exercise price corresponds to the company's market net asset value (mNAV) of 1.1 per share, as disclosed by Capital B. The deal significantly increases Back's exposure to Capital B, where he already stands as one of the largest strategic investors. Following this transaction, Back holds over 39.5 million shares, representing 9.97% of Plan B's shares on a fully diluted basis. Back is widely recognized as the inventor of Hashcash, the proof-of-work system cited in the Bitcoin white paper.

This capital injection arrives as Bitcoin treasury companies adopt divergent strategies regarding balance sheet management during market downturns. While some firms seek fresh capital for accumulation, others utilize derivatives or asset sales to mitigate risk. Capital B and the United Kingdom-based Connecting Excellence Group (XCE) were the only Bitcoin treasury companies to raise capital in Europe over the past month. XCE's $794,000 capital raise on April 23 was also backed by Adam Back, highlighting a concentrated pattern of institutional support. Data compiled by Woofun AI indicates that Capital B stated the new capital will be used to accelerate its Bitcoin treasury strategy, a move perceived as a positive signal by shareholders. Consequently, Capital B's stock price rose by over 6.5% on Monday, although it remains down over 16% since the beginning of 2026, .

Capital B currently ranks as the 25th largest Bitcoin treasury firm, holding 2,943 BTC valued at approximately $234 million, per Bitcointreasuries.net data. In contrast, other Bitcoin treasury companies are actively reducing balance sheet risks associated with Bitcoin's downturn. On April 24, Nasdaq-listed Bitcoin treasury company Nakamoto announced an actively-managed Bitcoin derivatives program. This initiative seeks to generate recurring income from volatility and hedge part of its corporate BTC holdings against downside exposure. Nakamoto is the 20th-largest Bitcoin treasury firm and the largest to disclose selling part of its holdings earlier this year. The company announced a sale of 284 Bitcoin, worth about $20 million at the time, in a March 30 filing with the US Securities and Exchange Commission.

Further illustrating the trend of risk reduction, Bitcoin treasury company Genius Group liquidated its entire treasury holdings in February. The firm sold 84 BTC for about $5.7 million, utilizing the proceeds to repay an $8.5 million debt obligation, according to an SEC filing. Woofun AI notes that these contrasting approaches highlight a strategic bifurcation within the sector, where some entities double down on accumulation while others prioritize liquidity and debt repayment. The divergence suggests that market participants are recalibrating their risk tolerance based on individual balance sheet structures and access to strategic capital. As the market navigates these fluctuations, the ability to secure funding from key industry figures like Back remains a critical differentiator for firms aiming to maintain or expand their Bitcoin positions.